The research purpose is determination of the differences in Serbian tourist’s perceived risk, during the COVID-19 health crisis, according to travel intention and destination of travel. In order to accomplish an analysis of differences between risks (travel risk, destination risk, health risk, financial risk), risk scores were calculated using confirmatory factor analysis (CFA). Testing the differences in relation to the travel intention and destination of travel during the COVID-19 pandemic according to risk perception was conducted through one-way MANOVA, where two models were applied. The outcome of the first model shows: significant impact of travel intention on a linear combination of risk factors. Also, taking into account all four risk factors, there are significant differences between those who intend to travel during a pandemic and those without that intention. In the second model, the findings indicate significant impact of the travel destination on a linear combination of risk factors, and significant differences between those respondents who intend to travel during the COVID-19 pandemic in the country and those respondents who intend to travel abroad according towards the perception of health risk, destination risk, and travel risk.